Centurion Corporation (OU8) Q3 2025 TU earnings summary

Executive summary

• 9M 2025 revenue rose 12% YoY to S$208.3m, supported by rental revisions, high Singapore and UK occupancy, and added capacity.

• Living-sector AUM was S$2.7b, with ~77,803 operational beds and apartments across 43 properties in six countries.

• CAREIT listed on the SGX Main Board on 25 September 2025, providing a platform for capital recycling, AUM growth and recurring fee income.

Financial highlights

• 3Q 2025 revenue rose 9% YoY to S$67.5m; 9M revenue increased 12% to S$208.3m from S$186.5m.

• 9M Worker Accommodation revenue grew 13% to S$162.7m; Student Accommodation revenue rose 3% to S$43.5m.

• 9M revenue mix was 78% PBWA, 21% PBSA and 1% other; Singapore contributed 71%, UK 15%, Malaysia 7% and Australia 6%.

• Singapore revenue rose 14% to S$148.5m, UK rose 7% to S$30.7m, Malaysia fell 1% to S$14.2m and Australia fell 6% to S$11.8m.

Outlook and guidance

• FY 2025 net bed capacity growth is expected to be ~8,918 beds; 7,874 beds had been added as of the update, including Harum Megah and Johor Tech Park expansion.

• Westlite Toh Guan’s ~1,764-bed block received TOP in October 2025; Westlite Mandai’s ~3,696-bed block targets TOP by end-2025 or early 2026.

• Planned PBSA capacity includes ~732 beds at Macquarie Park in 1Q 2026, ~644 beds at Dwell Village Melbourne City in 1Q 2027, and a 225-bed London development targeted for 4Q 2028.

• Outlook remains cautiously optimistic, with high occupancy and rental revisions expected to continue; selective growth and prudent financial management remain priorities amid macro uncertainty.